USD/CHF Intraday Outlook 09-MAY-23

USD/CHF Daily Outlook and Analysis

In the context of intraday market trends, the USD/CHF pair maintains a neutral bias as it continues to exhibit range-bound trading. While the downtrend from 1.0150 could potentially extend further, robust support is anticipated from the 61.8% projection of the decline from 1.0150 to 0.9062, calculated from 0.9443, which stands at 0.8771. This level is in close proximity to the long-term support at 0.8760, which is expected to trigger a rebound, at least on its initial test. On the flip side, a break above the 0.8997 resistance level would signal short-term bottoming, backed by bullish convergence conditions in the 4H MACD, and shift the bias back to the upside for a stronger rebound.

Looking at the broader picture, the decline from the 2022 high at 1.1050 is perceived as a phase within the long-term range patternslotแตกง่าย that started from the 2016 high at 1.0346. Therefore, the downside is expected to be restrained by the 0.8760 support level, leading to a potential reversal. A sustained break above the 0.9062 level, which previously acted as support and now serves as resistance, would be the first indication of a medium-term bottoming out. However, a decisive break below 0.8760 could have more significant bearish implications.